Luxury Home Sellers Stay Stubborn on Prices

Luxury Home Sellers Stay Stubborn on Prices

While days on the market has been increasing during the winter months for luxury listings, sellers are still staying firm on their asking prices, according to the Institute for Luxury Home Marketing.

“The percentage of homes on the market that have lowered their asking price at least once over the past 90-day period has fallen 10 percentage points since the end of the summer, from 31.4 percent of properties to 24.4 percent,” RISMedia reports on the housing data.

Inventories have fallen to seasonal lows and are helping to push up prices. Some analysts say that because of the price increases some sellers may be less wiling to drop their asking prices.

Meanwhile, the time it takes to sell a luxury home has increased in many markets. For example, in Miami, it’s taking on average 287 days in Miami and 260 days in Chicago. Nationally, it’s taking luxury sellers about 197 days to sell their home, according to the Institute for Luxury Home Marketing.